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The introduction of various intuitive technologies mainly Internet of Things (IoT) and artificial intelligence (AI) based interactive contents embedded in robots is revolutionarizing the robotics industry. Also, major manufacturers are proactively focusing on developing advanced robotics solutions to meet the customers demand. For instance, in September 2020, KT signed a memorandum of understanding (MOU) with Stage Five, Nuwa Robotics, and Ashoka Korea to develop and commercialize next-generation AI companion robots for kids and senior citizens. Similarly, in May 2020, Moxie, a robotic company collaborated with Californian robotics and AI company Embodied ideally for children edutainment possess ability spectrum gain social soft skills through play-based learning. Besides, current rise in healthcare and biotechnology is another factor responsible for driving companion robots market. For instance, in December 2019, CMR Surgical made its first commercial installations for guiding companions equipped with advanced, high-quality imaging and AI capabilities. However, the outbreak of COVID-19 pandemic has created lucrative business opportunities for social robots. These robotic solutions are capable to fill in gaps to reduce loneliness, depression and the other serious effects of isolation especially among isolated older adults. This factors would further fuel the growth of companion robots across the globe.
Key Market Driver -
• Introduction of various technologies embedded in companion robots • Rising deployment of companion robots for personal use is creating product demand
Key Market Restraint -
• High cost of investments at initial stage is hindering market growth
Some of the key competitors in the companion robots market include Blue Frog Robotics, ASUS Zenbo, Luvozo, Intuition Robotics, No Isolation, Ubtech, Aeolus Robotics, Jibo, Elemental Path, DFRobot and others.
Europe holds a dominant position in the companion robots market owing to the increasing adoption of digitalized and advanced robots and rapid technoloigcal advancement observed in this region. Also, major players having a widespread presence across Europe proving to be a potential factor for driving companion robots market. In addition to that, key vendors are focusing on carrying out expansion strategies to maintain their competitiveness in the global market further pushing ahead the product penetration
Followed by Europe, North America and Asia Pacific are anticipated to witness substantial growth in the forecast period, owing to higher adoption of these robotics systems across residential and commercial sectors. Also, manufacturers are investing heavily in resarch & development activities to introduced advanced robotics systems to meet the changing customers needs further driving the market.
The Middle East and Africa and South America are expected to have a steady growth in the companion robots market owing to major manufacturers are emphasizing expanding their regional and local presence by strengthening their sales and distribution channels in developed and developing economies responsible for fueling the market.
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